Bitcoin’s value continues to fall and investors are now looking at various indicators in order to predict when it will rise. Some indicators are promising in forecasting what the future holds, but it is difficult to know when. Bitcoin has been known for its unpredictable price movements.
Cathie Wood (the famous CEO of ARK Invest) has some thoughts about the market correction. She shares her positive outlook on the crypto market and what she believes will cause it to correct.
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The Strike Against Technology is a Success for the Crypto Market
New technology is the foundation of crypto markets. As such, the market will often follow technological trends. Cathie Wood, CEO of ARK Invest, posits that the reason for recent crashes is this.
It is clear that there was a strike in technology, growth, innovation, equity markets. The spillover from this strike has brought down the prices of crypto. But, CEO says he doesn’t think this strike will last.
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The CEO dismissed the notion that technology stocks and innovations are in bubbles when she addressed concerns. Instead, explaining that these stocks are merely in what she refers to as a “deep value territory.”
Wood takes risks when it comes to technology and innovation assets. This has paid off for both her clients as well. The CEO of the company, Bitcoin is a key asset and she has spoken out in support.
Her prediction of a profitable future for technology and innovation assets is also highly positive, with a predicted 10x increase in growth over the next ten years.
“Based on the last eight years of our research, the opportunities will scale from $10-12 trillion today, or roughly 10% of the global public equity market cap, to $200+ trillion during the next ten years.”
Are You Looking for Bitcoin’s Future?
New Year is in full swing, and markets are now seeing the consequences of holiday spending. Bitcoin, which reached its record high of $69K in 2017, has lost more than 30%. Although the price has fallen to $41,000 it is not below that level. Bears are trying to bring it down.
BTC trades north of $41K - Source: BTCUSD trading on TradingView.com| Source: BTCUSD on TradingView.com
Cathie Wood believes that it’s always about the long-term. The CEO stated last year that bitcoin’s price would grow by 10x its current value. She attributes this growth to institutional investors finally moving at least 5% of their portfolios into the digital asset, at which point, bitcoin’s price will grow as high as $500,000 apiece.
Featured Image from Page One. Chart by TradingView.com